Half Year Report
2016/17
At the heart of power electronics

Business Report
Dear Shareholders,
LEM reports stable sales and robust margins for the first half of 2016/17. The underlying trends in the individual businesses,
however, were mixed: Sales growth in the drives & welding business and the green cars business contrasted with a sluggish
traction market and investments in renewable energies that failed to meet expectations. Sales in Europe and China, LEM's largest market, slowed, while we recorded progress in North America and the rest of Asia.
Innovation is the cornerstone of our growth strategy. To capture additional growth opportunities, we plan to increase significantly
our research & development (R&D) investments. Following the evaluation of several locations, we have decided to establish a
new R&D center in France, in the Lyon/Grenoble high-tech cluster.
We maintained our product innovation pace and launched five new products. Our new GHS models, for example, combine
innovative technologies of the semiconductor and the transducer space.
Financial Highlights
Our sales increased by 0.8% to CHF 132.6 million in the first half of 2016/17; at constant exchange rates, this represents a
decrease of 0.8%. Bookings for the first six months totaled CHF 132.3 million, up 4.3% on the same period of 2015/16. The
book-to-bill ratio improved from 0.96 to 1.00.
Our gross margin stood at 46.3%, up from 45.5% in the first half of 2015/16, while EBIT reached CHF 27.5 million, an increaseof 10.6% on the first half of 2015/16. Our EBIT margin for the first six months of 2016/17 was 20.7%, compared with 18.9% a
year earlier. Favorable currency effects and lower operating expenses supported the margin improvement.
Net profit came in at CHF 22.1 million, an increase of 11.6% compared with the first half of 2015/16. Free cash flow in the firsthalf of 2016/17 was CHF 18.5 million, compared with CHF – 1.4 million a year earlier.
As of 30 September 2016, total assets stood at CHF 152.6 million. After dividend payment of CHF 39.9 million in July 2016,
equity reached CHF 65.8 million (CHF 85.9 million as of 31 March 2016), representing an equity ratio of 43.1% (61.3% as of
31 March 2016).
Industry segment – solid drives & welding businessFirst-half sales in the Industry segment totaled CHF 107.0 million, down 3.0% on the same period a year earlier. At constantexchange rates, sales decreased by 4.5%.
Sales in China slowed (– 7%), while sales in the rest of Asia continued on a steady path (+ 4%). North America benefitted from a
positive economic trend (+ 5%) whereas sales in Europe slowed (– 5%). We continued to boost production capacities for recently
launched products, which once again proved highly successful.
First-half EBIT decreased slightly, from CHF 21.2 million in 2015/16 to CHF 21.0 million in 2016/17.
–– Sales in the drives & welding business grew by 11% compared with the first half of 2015/16. The improved economic environment in the US and Germany and the stable situation in China were the drivers of sales growth. We achieved higher sales inall regions, with LEM gaining market share.
–– Sales in the renewable energies & power supplies business, where the usual seasonality effect was less pronounced than inprevious years, decreased by 15% on the first six months of 2015/16. The increasing relocation of our customers' production
capacities from Europe to China, with concurrent consolidation of the Chinese market, was observed. Sales in China werestable but fell in Europe.
–– The traction business slowed by 13% due to less activity in a temporarily weakening Chinese market. We achieved strong
sales in Germany and India with energy metering, trackside applications and retrofit orders. Our market share remained stable.
–– Sales in the project-driven high-precision business were down by 5%. Activity in China slowed after HVDC projects were completed; however, we recorded an upturn in the US medical market. Our market share remained stable.
Automotive segment – strong green cars businessWe achieved profitable growth in all regions. Sales in the Automotive segment reached CHF 25.6 million, up 20.4% on thesame period of 2015/16. At constant exchange rates, sales increased by 18.2%. We succeeded in achieving strong growth
while maintaining product quality and reliability at a high level, and won a customer award for our overall performance.
We improved our EBIT margin thanks to additional volumes, favorable product mix and successes in the Chinese green cars
business. Half-year EBIT increased to CHF 6.5 million compared with CHF 3.7 million in the first half of 2015/16.

LEM | Half Year Report 2016/17

2

–– In the conventional cars business, sales decreased by 2%. We experienced a weaker US market.
–– Sales in the green cars business climbed 102% on the previous year. Better consumer acceptance and government incentives
for green cars resulted in higher registration figures globally.
Executing strategy–– Increase our technology leadership
We strive to lead by innovation and continuously launch new products. In order to extend our lead and accelerate our growth,
we have decided to significantly increase the R&D investments going forward. We will focus on new technologies in the areasof ASIC, embedded software and the Internet of Things. We are already enhancing R&D capacities in Sofia and Beijing. In addition, following the evaluation of several locations, we have decided to establish a new R&D center in the Lyon/Grenoble hightech cluster. Geneva will remain our main R&D hub.
This financial year, we have launched five new products: The GHS models for solar markets represent LEM's first integrated
primary sensor and a combination of transducer and semiconductor technologies. The LH models for drives and solar markets
house our proprietary ASIC for closed loop Hall Effect technology, delivering high performance on par with the more complex
fluxgate products. The DVM models for traction applications use LEM's patented insulating digital technology to achieve improved
accuracy and temperature stability as well as high immunity against magnetic fields. The accuracy class 1 ART models for smart
grid applications use our patented Rogowsky loop technology and provide an electrostatic shield. The 2-phase motor control
sensor HAH2 for hybrid-electric cars offers high accuracy and speed in a compact and easy-to-integrate casing.
–– Increase our efficiency
Reviewing our activities and international footprint remains a key task for us even though pressure from the currency side has
temporarily lessened. We improved internal efficiency by growing the share of cost-effective production to 79% of total sales.
Going forward, we aim to increase the automation of production. We expect cost and quality improvements through the effective use of new tooling.
At our site in Sofia, we started to develop shared services for our global operations.
–– Increase our production flexibility
We maintained our delivery performance, absorbing the effects of the shorter lead times of our customers. The volatile demandfor certain complex products in the traction and high-precision business presents our organization with a challenge. We haveinitiated a program to reduce these lead times by 30% by optimizing our inbound supply chain management and our inventory
policy.
Outlook
For the remainder of the year, we forecast a stable economic situation in most regions translating in a steady development of
our Industry businesses. We expect our Automotive businesses to keep its momentum going. Seasonality will influence sales
in the third quarter in Europe (Christmas season) and in the fourth quarter in China (Chinese New Year). Customers are likely toremain cautious, maintaining their short-term ordering policy.
For the full financial year 2016/17, we forecast sales of CHF 260–270 million; this compares with CHF 261.5 million for full-year
2015/16. We expect our EBIT margin to be around 20%.
We thank you for your continued trust in LEM.
Yours sincerely,

Andreas Hürlimann
Chairman of the Board of Directors

François Gabella
Chief Executive Officer

LEM | Half Year Report 2016/17

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Key Figures, Financial Calendar,
Contacts
Key figures

First half vs. first half
2016/17
In CHF millions

2015/16
In CHF millions

ChangeIn %+ 4.3

Orders received

132.3

126.9

Book-to-bill ratio

1.00

0.96

–

Sales

132.6

131.6

+ 0.8

Gross profit
In % of sales

61.4

59.9

+ 2.5

46.3%

45.5%

+ 0.8 pt

EBIT
In % of sales

27.5

24.9

+ 10.6

20.7%

18.9%

+ 1.8 pt

Net profit for the period

22.1

19.8

+ 11.6

EPS basic (in CHF)

19.41

17.40

+ 11.6

Operating cash flow

22.9

0.6

–

Investing cash flow

– 4.4

– 2.0

+ 120.0

30.9.16

31.3.16

ChangeIn %Net financial assets /­(liabilities)

(8.0)

13.6

–

Equity65.8

85.9– 23.4Equity ratio (in % of total assets)

43.1

61.3

– 18.2 pt

Market capitalization

1'254

929

+ 35.0

Employees (FTEs)

1'441

1'388

+ 3.8

Sales per segment

Regional sales breakdown

In CHF millions

In CHF millions
70.0

70

67.2

61.5

66.9

62.7

65.7

60

60

83%
85%

81%

81%

79%
30

51%

44%

65.7

49%

48%

17%
17%

16%

18%

17%

19%

34%

33%

20

20

0

47%

66.9

40

30

10

62.7

50%

82%

67.2

61.5

50

50
40

70.0

70

15%

17%

19%

19%

18%

21%

10

33%

36%

32%

38%

0

Q1 2015/16 Q2 2015/16 Q3 2015/16 Q4 2015/16 Q1 2016/17 Q2 2017/16

Q1 2015/16 Q2 2015/16 Q3 2015/16 Q4 2015/16 Q1 2016/17 Q2 2017/16

Industry segment
Automotive segment

Asia and rest of the world
North America
EuropeFinancial calendar
The financial year runs from 1 April to 31 March

16 February 2017

Third quarter results 2016/17

23 May 2017*

Year-end results 2016/17

29 June 2017*

Ordinary General Meeting of
Shareholders for the financial year
2016/17

4 July 2017*

Dividend ex-date

6 July 2017*

Dividend payment date

* New dates

LEM | Half Year Report 2016/17

4

Media andinvestor contact
Andrea Borla (CFO)
Phone: +41 22 706 12 50
E-mail: investor@lem.com

Address
LEM Holding SA
Avenue Beauregard 1
CH-1700 Fribourg
Phone: +41 26 460 10 30
Fax: +41 26 460 10 39
www.lem.com

Interim
Consolidated
Financial
Statements

Consolidated Statement of
Financial Position
AssetsIn CHF thousands

Notes

30.9.201631.3.2016

Current assets
Cash and cash equivalents

20'07213'629Accounts receivable

58'99755'89629'27427'796920

1'694

Inventories
Income tax receivable

9

Other current assets

2'249

1'739

Total current assets

111'512

100'754

6'602

5'636

Property, plant and equipment

26'150

25'179Intangible assets

7'370

7'630

Noncurrent assets
Deferred tax assets

9

Other noncurrent assets

948

979

Total noncurrent assets

41'07039'424

Total assets

152'582

140'178

30.9.201631.3.2016

24'50821'301

17'430

18'230Liabilities and equity
In CHF thousands

Notes

Current liabilities
Accounts payable
Accrued expenses
Income tax payable

9

3'005

3'142

Current provisions

4

1'149

1'552

Current financial liabilities

5

28'02524

Other current liabilities

1'222

593

Total current liabilities

75'33844'843

Noncurrent liabilities
Noncurrent provisions

4

2'215

1'965

Deferred tax liabilities

9

1'815

2'054

Other noncurrent liabilities

6

7'454

5'422

Total noncurrent liabilities

11'4839'442

Total liabilities

86'821

54'284570

570

EquityShare capital
Treasury shares

7

(755)

(502)

Reserves

7

9'251

9'907

Retained earnings

7

56'69675'919Total equity

65'76185'894

Total liabilities and equity

152'582

140'178

LEM | Half Year Report 2016/17

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Consolidated Income Statement
April to September
In CHF thousands

Notes

2016/172015/16Sales

132'620131'567

Cost of goods sold(71'257)(71'696)

Gross margin

61'36359'872

Sales expense(13'579)(13'801)

Administration expense(12'496)(14'085)

Research & development expense(7'886)(7'206)(0)(4)

Other expense
Other income

102

94

27'50324'871

Financial expense

(76)

(107)

Financial income

33

46

Exchange effect

(20)

533

27'441

25'342

Operating profit

8

Profit before taxes
Income taxes
Net profit for the period

9(5'319)(5'525)22'12219'818

19.41

17.40

Earnings per share, in CHF

Basic and diluted earnings per share

LEM | Half Year Report 2016/17

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Consolidated Statement ofComprehensive Income
April to September
In CHF thousands

2016/172015/16

Net profit for the period recognized in the income statement

22'12219'818Currency translation difference(909)(1'923)

Total other comprehensive income to be reclassified
to profit and loss in subsequent periods(909)(1'923)(1'754)(1'458)Other comprehensive income to be reclassified to
profit and loss in subsequent periods

Other comprehensive income not to be reclassified
to profit and loss in subsequent periods
Remeasurement gains /­(losses) on defined benefit plans
Income tax

380

318

Total other comprehensive income not to be reclassified
to profit and loss in subsequent periods(1'374)(1'140)

Other comprehensive income /(loss) for the period, net of tax(2'283)(3'063)

Total comprehensive income for the period

19'83916'755Attributable to shareholders

19'83916'755

Consolidated Statement of
Changes in Equity
Attributable to shareholders
In CHF thousands

Notes

1 April 2015

Share ­capital

Treasury shares

Capital reserve

Translation
reserve

Retained­earnings

Total equity

570

(283)

12'226326

79'10591'94319'81819'818(1'140)(3'063)

Net profit for the period
Other comprehensive
income /(loss)(1'923)

Total comprehensive income(1'923)

Dividends paid

7

Movement in treasury shares

7

18'67816'755(45'547)(45'547)

(341)

341

(516)

(516)

30 September 2015

570

(624)

12'567(1'597)51'71962'635

1 April 2016

570

(502)

12'445(2'538)75'91985'894

Net profit for the period
Other comprehensive
income /(loss)(909)

Total comprehensive income(909)

Dividends paid

7

Movement in treasury shares

7

30 September 2016

LEM | Half Year Report 2016/17

570

8

(253)

253

(755)

12'698(3'447)22'122

22'122(1'374)(2'283)20'74819'839(39'879)(39'879)

(92)

(92)

56'69665'762

Consolidated Cash Flow Statement
April to September
In CHF thousands

Notes

2016/172015/16

Profit before taxes

27'441

25'342Adjustment for noncash items and taxes paid

(1'622)(4'751)

Cash flow before changes in net working capital

25'81920'591

Cash flow from changes in net working capital(2'940)(19'994)

Cash flow from operating activities

22'879597(4'198)(2'306)

(202)

(349)

Cash flow from operating activities

Cash flow from investing activities
Investment in fixed assets
Investment in intangible assets
Increase (–) /decrease (+) in other assets
Cash flow from investing activities

38

673

(4'362)(1'982)

Cash flow from financing activities
Treasury shares acquired (–) /divested (+)

7

(92)

(516)

Dividends paid to the shareholders of LEM Holding SA

7(39'879)(45'547)

Increase (+) /decrease (–) in financial liabilities

5

28'00040'000Cash flow from financing activities(11'971)(6'063)

Change in cash and cash equivalents

6'546(7'448)Cash and cash equivalents at the beginning of the period

13'62920'920

(102)

(237)

20'072

13'235

Exchange effect on cash and cash equivalents
Cash and cash equivalents at the end of the period

LEM | Half Year Report 2016/17

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Notes to the Interim Consolidated
Financial Statements
1 General information
LEM Group (the Group) is a market leader in providing innovative and high-quality solutions for measuring electrical parameters.
Its core products – current and voltage transducers – are used in a broad range of applications in drives & welding, renewableenergies & power supplies, traction, high precision, conventional and green cars businesses.
2 Significant accounting principles
These unaudited consolidated financial statements for the six months ended on 30 September 2016 have been prepared inaccordance with International Accounting Standard (IAS) 34 “Interim Financial Reporting”. They do not include all the information and disclosures presented in the annual consolidated financial statements and should therefore be read in conjunction withthose for the year ended 31 March 2016.
The accounting and valuation policies are consistent with those applied in preparing the annual consolidated financial statements for the year 2015/16.
The preparation of the interim consolidated financial statements in conformity with IFRS requires management to make estimatesand assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and related disclosures at thedate of the interim financial statements. These estimates are based on management's best knowledge of current events andactions that the Group may undertake in the future. However, actual results could differ from those estimates.
In accordance with IAS 1 'Presentation of Financial Statements', the financial information is presented in thousands of CHF. The
totals are calculated with the original unit amounts, which could lead to rounding differences. These differences in thousands ofunits are not changed in order to keep the accuracy of the original data.
In 2016/17, LEM Group introduced the following revised standards and interpretations:Standard or­i nterpretation

Title

ImpactEffective date

IFRS 10 and
IAS 28

Sale or Contribution of Assets between an Investor
and its Associate or Joint Venture Amendments to
IFRS 10 and IAS 28

NA

1 January 2016

IFRS 10, IFRS 12
and IAS 28

Investment Entities: Applying the Consolidation
Exception Amendments to IFRS 10, IFRS 12 and IAS 28

NA

1 January 2016

IFRS 11

Accounting for Acquisitions of Interests in Joint
Operations Amendments to IFRS 11

NA

1 January 2016

IFRS 14

Regulatory Deferral Accounts

NA

1 January 2016

IAS 1

Disclosure Initiative Amendments to IAS 1

None

1 January 2016

IAS 16 andIAS 38Clarification of Acceptable Methods of Depreciation
and Amortization Amendments to IAS 16 and IAS 38

NA

1 January 2016

IAS 16 andIAS 41Agriculture Bearer Plants Amendments to IAS 16
and IAS 41

NA

1 January 2016

IAS 27

Equity Method in Separate Financial Statements
Amendments to IAS 27

NA

1 January 2016

Amendments

Annual improvements to IFRS 2012–2014

None

1 January 2016

NA = not applicable

LEM | Half Year Report 2016/17

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The following table summarizes the principal exchange rates that have been used in the translation process.
Currency

Period-end rate in CHF for balance sheet
30.9.201631.3.2016

BGN

0.552

0.555

CNY

0.145

0.149

DKK

0.146

EUR

1.086

Period average rate in CHF for income statement

Var. in %2016/172015/16

Var. in %– 0.5%

0.559

0.539

– 2.7%

0.148

0.154

– 3.9%

0.147– 0.7%

0.147

0.141

+ 4.3%

1.093– 0.6%

1.093

1.055

+ 3.6%+ 3.7%

GBP

1.257

1.383

– 9.1%

1.338

1.467

– 8.8%

JPY

0.00960.0086+ 11.6%0.00930.0078+ 19.2%

RUB

0.015

0.014

+ 7.1%

0.015

0.017

– 11.8%

USD

0.969

0.963

+ 0.6%

0.973

0.952

+ 2.2%

3 Segment information
April to September 2016
In CHF thousands

April to September 2015
Industry

Automotive

LEM Group

Sales

107'007

25'613132'620

Operating profit

21'010

6'494

27'503

In CHF thousands

Industry

Automotive

LEM Group

Sales

110'295

21'273131'567

Operating profit

21'213

3'658

24'871

4 Current and noncurrent provisions
Warranty and customer claims
Provisions for warranty and customer claims have been estimated based on past experience and the risk assessment ofmanagement. The warranty provision is expected to be used over the next five years.
Litigations and consumption taxes
Despite the care that LEM applies in the separation process with personnel, such separation may result in legal conflicts. The
Group will defend its case and management estimates the reasonable risk to be provided for.
The Group operates in multiple jurisdictions with complex legal and tax regulatory environments. In the frame of the continuous
improvement of its processes and systems, LEM has reviewed the consumption taxes in several countries. It has appeared thatsome LEM's subsidiaries may not have been fully compliant with their local consumption tax regulations. As a consequence,
LEM has estimated consumption tax provisions according to management best judgment. Some of these positions are inherently uncertain and include the interpretation of local regulations applied to complex transactions.
Transfer of activity
In order to reflect the transfer of activity costs, a restructuring provision of CHF 445 thousand was set up per 31 March 2016,of which CHF 198 thousand were utilized per 30 September 2016. This represents the main fluctuation of the provisions at halfyear.
5 Current financial liabilities
LEM Group increased financial short-term liabilities to CHF 28.0 million (CHF 0.0 million at 31 March 2016) via short-term credit
lines in order to finance the CHF 39.9 million dividend payment of July 2016.

LEM | Half Year Report 2016/17

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6 Other noncurrent liabilities
The half-year 2016/17 was impacted by the reduction of the post-employment benefit discount rate going from 0.5% to 0.3%,
which increased other noncurrent liabilities by CHF – 2.1 million.
7 EquityAt the shareholders' meeting held in Fribourg on 30 June 2016, the shareholders approved the distribution of an ordinary dividend of CHF 35.00 per share resulting in an estimated payout of CHF 39'877 thousand. The gross dividend effectively paid on
7 July 2016 amounted to CHF 39'879 thousand (prior year: ordinary dividend of CHF 40.00; total CHF 45'547 thousand).
In the frame of its market-making contract, LEM holds own shares. At 30 September 2016, the Group held 677 shares (31 March
2016: 662).
8 Operating profit
Our sales increased by 0.8% to CHF 132.6 million in the first half of 2016/17; at constant exchange rates, this represents a sales
decrease of 0.8%.
Our gross margin stood at 46.3%, up from 45.5% in the first half of 2015/16, while EBIT reached CHF 27.5 million, an increaseof 10.6% on the first half of 2015/16. Our EBIT margin for the first six months of 2016/17 was 20.7%, compared with 18.9% a
year earlier. Favorable currency effects and lower operating expenses (no ERP implementation cost as last year) supported themargin improvement.
9 Income taxes
Income tax expense is calculated based on the best estimate of the applicable annual income tax rate expected for the full year.
The Group operates in multiple jurisdictions with complex legal and tax regulatory environments. In certain of these jurisdictions,
the Group has taken income tax positions that management believes are supportable and are intended to withstand challenge
by tax authorities. Some of these positions are inherently uncertain and include those relating to transfer pricing matters and theinterpretation of income tax laws applied to complex transactions. The Company periodically reassesses its tax positions.
Changes to the financial statement recognition, measurement, and disclosure of tax positions are based on management's best
judgment given any changes in the facts, circumstances, information available and applicable tax laws. Considering all available
information and the history of resolving income tax uncertainties, the Group believes that the ultimate resolution of such matterswill not have a material effect on its financial statements.
Differences between the final tax outcome and the amounts that were initially recorded impact the income and deferred taxes
in the period in which such determinations are made. The Group calculates its expected average tax rate as a weighted averageof the tax rates in the tax jurisdictions in which the Group operates.
The decrease in tax rate is linked to a different breakdown of our revenue.

LEM | Half Year Report 2016/17

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10 Consolidated cash flow statement
The adjustment for noncash items decreases by CHF + 3.1 million compared to the same period 2015/16 and is mostly due tothe decrease of taxes paid and increase of derivative financial instrument revaluation.
The cash flow from changes in net working capital evolution is mainly linked to the decrease of accounts receivable.
In order to finance the CHF 39.9 million dividend payment the financial liabilities were increased by CHF – 28.0 million via ourbank credit lines.
11 Contingent liabilities
There is no change in the contingent liabilities presented in the Group Financial Statements as of 31 March 2016.
12 Financial assets and liabilities
The Group classifies its financial assets and liabilities into the following categories as per IFRS 7:
Financial assets
In CHF thousands

30.9.2016
Fair value

31.3.2016
Fair value

Loans andreceivables

Cash and cash equivalents
Accounts receivable
Derivative financial instruments – current
Other current financial assets
Other noncurrent financial assets
Total

20'07258'997349
54
948
80'42013'62955'896024979
70'528X
X

In CHF thousands

30.9.2016
Fair value

31.3.2016
Fair value

Loans andreceivables

Accounts payable
Accrued expenses
Derivative financial instruments – current
Other current financial liabilities
Bank loans
Other noncurrent financial liabilities
Total

24'50817'4300
1228'00024
69'97321'301
18'2309465
040
39'731X
X

Financial liabilities

At fair value throughprofit and loss

X
X
X

At fair value throughprofit and loss

X
X
X
X

The management assessed that fair value level of cash and cash equivalents, accounts receivables, other current and noncurrent
assets, accounts payables, accrued expenses and other current and noncurrent liabilities that are not measured at fair value
approximate their carrying amounts in view of their short-term nature and are consequently not separately disclosed.
The Group enters into derivative transactions such as currency risk reversal and forward contracts to hedge the USD and EUR
risks.
The purpose of these currency hedges is to manage the currency risks arising from the Group's operations.
The Group's policy is not to enter into derivative contracts for speculative purposes.
The main risks arising from the Group's financial instruments are foreign currency risks and credit risks, whereas the others areof minor or no impact.
The Board of Directors reviews and agrees policies for managing each of those risks.

LEM | Half Year Report 2016/17

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Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation
technique:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly(i.e., as prices) or indirectly (i.e., derived from prices).
Level 3: techniques, which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.
The Group's financial assets at fair value amount to CHF 349 thousand per 30 September 2016 (financial liabilities of
CHF 4 thousand per 31 March 2016), all classified under level 2.
During the two last reporting periods, there were no transfers between Level 1 and Level 2 fair value measurements, and notransfers into and out of Level 3 fair value measurements.
13 Events after the balance sheet date
The Board of Directors and Senior Management are not aware of any significant events up to the date of approval of the interim
consolidated financial statements on 3 November 2016 that would require an adjustment in carrying amounts of the Group's
assets and liabilities.

LEM | Half Year Report 2016/17

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LEM Holding SA
Avenue Beauregard 1
CH-1700 Fribourg
Phone: +41 26 460 10 30
Fax: +41 26 460 10 39
www.lem.com
LEM | Half Year Report 2016/17

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